Frodo has The Ring but does not want to go on any journey just to throw The Ring into some volcano. Frodo offers The Ring to Arwen, who knows the power of the Ring, who unconditionally promises to pay $10.00, love and affection. Has a contract been formed and if so, is it negotiable? [Hint: There are two possibilities and you are two address both possibilities listing the elements of a contract, including the facts that support each element. And, you are to discuss whether this agreement is negotiable and describing what is required for an instrument to be negotiable.] NOTE: Knowledge of the Lord of the Ring is not a prerequisite for being able to answer this question.